Velocity Previews SC System, Short/Long on ETH Price

Velocity is previewing its smart contract Ethereum-powered system. Velocity will offer long and short contracts based on an asset’s price. Yesterday, they launched a Testnet Alpha program.

The platform is currently limited to betting on the ETH/BTC price and the Testnet’s play money. That said, its tools look impressive for a project in its pre-launch stage.

Velocity grabs the Ethereum price from another piece of software developed by Velocity: Pricegeth. Pricegeth publishes the prices of various cryptocurrency pairings to every Ethereum block. Potentially, it can publish prices for other commodities, like Gold, as well. Unfortunately, Velocity says that feature is a long way off.

I’ve spent the day trying it out, and it is extremely easy to use, especially with the benefit of MetaMask.

MetaMask is a Chrome plugin. It acts as a simple ETH wallet and handles smart contracts without the hassle of downloading the Ethereum blockchain. ConsenSys created MetaMask to…